Compute the ending inventory at may 31, Accounting Basics

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Compute the ending inventory at may 31

Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 65 units were sold.

Date Explanation Units Unit Cost Total Cost
May 1 Inventory 30 $ 8 $240
May 15 Purchases 25 11 275
May 24 Purchases 35
12 420

Totals 90
$935

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

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Accounting Basics: Compute the ending inventory at may 31

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Accounting Basics: Compute the ending inventory at may 31

Reference No:- TGS065795

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Recent Questions Asked Accounting Basics

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Accounting Basics: Compute the ending inventory at may 31

Reference No:- TGS065795

Recent Questions Asked Accounting Basics

Q : What was operating income for that year

Q : Find firm total variable cost at accounting breakeven point

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Q : Compute the ending inventory at may 31

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